Opti said half of its secured creditors have agreed to
exchange their notes for a newly issued class of common shares
and to invest C$375 million ($390 million) into the company.
Current shareholders will have their stock canceled and be
given warrants to purchase up to 20 percent of the new class of
common shares.

CALGARY, Alberta (Reuters) – TransCanada Corp said on Tuesday that Exxon Mobil’s 1,000-barrel oil spill into the Yellowstone River will not derail its plans to build the Keystone XL pipeline, but environmentalists promised renewed pressure to block approval.

TransCanada is awaiting State Department approval to build the $7 billion Keystone XL line, which would carry 700,000 barrels per day of crude oil to the gulf coast refining hub. A final decision on the company’s application is expected by year end.

CALGARY, Alberta, June 24 (Reuters) – Niko Resources Ltd
(NKO.TO: Quote, Profile, Research, Stock Buzz), a Canadian oil and gas producer operating in Asia,
was fined C$9.5 million ($9.6 million) and given three years’
probation after pleading guilty to charges that it bribed a
Bangladeshi official.

It was only the second time a company has been found guilty
under Section 3 of Canada’s Corruption of Foreign Public
Officials.

CALGARY, Alberta (Reuters) – China’s biggest North American energy deal was called off on Tuesday, as Encana Corp and PetroChina failed to reach terms for a C$5.4 billion ($5.6 billion) joint venture to develop a Canadian shale gas field.

Encana, Canada’s No. 1 natural gas producer, said the two companies ended a year of talks on a deal that would have seen PetroChina take a one-half stake in Encana’s massive Cutbank Ridge field in northern British Columbia.

CALGARY, Alberta, June 13 (Reuters) – Talisman Energy Inc
(TLM.TO: Quote, Profile, Research, Stock Buzz) says it may buy more land in the oil-rich Eagle Ford
shale field in Texas, but only if the price is right.

John Manzoni, the company’s chief executive, told reporters
on Monday that Talisman, Canada’s No. 4 independent oil
producer, would look for an incremental expansion of its
holdings in the Eagle Ford play in south Texas and stay clear
of the big-ticket deals done recently.

CALGARY, Alberta, June 6 (Reuters) – Cenovus Energy Inc
(CVE.TO: Quote, Profile, Research, Stock Buzz) said on Monday it will accelerate development of its
oil sands and conventional oil properties, targeting output of
half a million barrels per day within 10 years.

Cenovus, Canada’s No. 2 independent oil producer, said it
plans to spend between C$3 billion ($3.06 billion) and C$3.5
billion per year over the next decade to reach its goal.

CALGARY, Alberta, May 31 (Reuters) – TransCanada Corp
(TRP.TO: Quote, Profile, Research, Stock Buzz) cannot yet say when it will restart its 591,000 barrel
per day Keystone oil pipeline as its second spill in less than
a month pushed oil prices higher, while other lines carrying
Canadian oil to the United States were also closed.

The company said on Tuesday the line was shut on Sunday after
a half-inch fitting failed at its Severance pumping station in
Kansas. The fitting leaked less than 10 barrels (420 gallons) of
oil, said company spokesman Terry Cunha, down from an earlier
estimate of a 40-barrel spill.

CALGARY, Alberta, May 17 (Reuters) – Canadian oil
production cuts could more than double by Wednesday as
companies move to protect employees and property from wildfires
raging through northern Alberta and cope with the shutdown of a
key pipeline.

Oil companies had shut in close to 50,000 barrels per day
of production on Tuesday because of wildfires in the Western
Canadian province, one of the largest suppliers of crude to the
United States. Further cuts are expected as big fields are
closed in because they cannot ship their oil to market.

CALGARY, Alberta, May 16 (Reuters) – Wildfires whipped by
high winds destroyed more than a third of a sizable town in
northern Alberta and forced oil companies in Canada’s largest
energy-producing province to shut off tens of thousands of
barrels of output on Monday.

Dozens of forest fires flared up across the province during
a dry, gusty weekend, forcing the evacuation of several
communities, including Slave Lake, a town of 10,000 people in
northern Alberta known as a center for oil, gas and forestry.